Switching to a new current account is easier than ever and could save you hundreds of pounds. Here is how to get a new bank account in just seven days.
There are many reasons you may want to switch your current account. Some of them could include:
You want a cheaper or free overdraft
You want to earn interest on your balance
A different provider is offering a cash reward, e.g. £125 for switching
You're looking for lower fees and monthly charges
You're not satisfied by your current provider's customer service
If you want to switch current accounts, you have two options
Whichever service you decide to use, follow these simple steps:
You can use the CASS to close your old account and move all your payments that come in and out of the account to your new bank account.
It works with almost every current account in the UK, takes seven working days and means your old and new bank must:
Let you choose the date the switch happens
Keep you informed throughout the process
Make sure your salary or pension income goes to the new account
Move your standing orders and direct debits to the new account
Send any payments made to your old account onto to your new one for 36 months
The switching service is free, although you still have to pay any fees that come with your new account. Your bank has to pay you back if anything goes wrong and you lose out on interest or get charged fees during the switch.
If you use the Partial Switch Service instead, you can:
Leave your old bank account open
Only move across some of your payments
However, you get no guarantee it will be completed within seven days, that payments will be redirected or that you will be refunded for interest and charges.
Partial switches are much less common, so ask your new bank if they offer this service.
You can switch an account in your sole name into a new account in your name. This can be a new sole account or one you will hold jointly with someone else.
If you have a joint account, everyone named on it has to agree to the switch. You could only transfer it into another joint account held by the same people.
You can also use CASS to switch a current account held by a charity or small business as long as it has an annual turnover of less than £6.5 million and fewer than 50 employees.
New bank accounts are offered all the time, so compare all of the best options to make sure you get the right one for you.